Core Viewpoint - The investment bank Raymond believes that semiconductor stocks, including Nvidia (NVDA.US), AMD (AMD), and Intel (INTC.US), have significant upside potential, with a focus on the dominance of artificial intelligence in the market [1][2] Semiconductor Industry Ratings - Raymond has reinstated its ratings for the semiconductor industry, giving "Outperform" ratings to AMD and Broadcom (AVGO.US), "Market Perform" ratings to ARM (ARM.US), Astera Labs (ALAB.US), and Intel, and "Strong Buy" ratings to Marvell Technology (MRVL.US) and Nvidia [1] - The analysts emphasize that the AI theme has become dominant, overshadowing trading strategies based on semiconductor market cycles [1] Nvidia's Position - Nvidia is highlighted as a leader in the AI sector and is considered a "core holding" for investors due to its strong competitive advantages and mature software stack developed over a decade [1] - The company benefits from robust community support and a full-stack system approach [1] Marvell Technology Insights - Marvell Technology faces skepticism as a custom chip supplier, but analysts believe it has the necessary advantages through its dedicated integrated circuit business and optical division [1] - Currently, data center products account for approximately 75% of sales, with expectations for continued growth in the custom integrated circuit and data center optical digital signal processor markets [1] - Management aims to capture about 20% of the market share in the data center custom integrated circuit sector by 2028, valued at over $8 billion [1] Broadcom's Market Potential - Broadcom is expected to expand its market share in the AI sector as large enterprises seek customized alternatives to general-purpose processors [1] AMD's Competitive Edge - AMD is seen as a strong competitor to Nvidia in the graphics processing market, with expectations for growth in accelerators and AI rack systems [2] - The company is projected to produce 1.9 million MI350 chips and 9.15 million MI450 chips by fiscal year 2027, indicating potential market share expansion in servers and personal computers [2] ARM's Strategic Focus - ARM is concentrating on expanding into the data center sector and exploring AI-related opportunities, including in-house chip development [2] - Data center sales have approached 20% of total sales over the past two years, increasing the company's engagement with hyperscale operators [2] Astera Labs' Market Position - Astera Labs is recognized as a leading supplier in the retimer market, focusing on high-speed connectivity services with its PCIe5 and PCIe6 products [2] - The significant increase in computational intensity has driven demand for the company's core high-speed interconnect technology [2] Intel's Stock Recovery - Intel's stock has seen a notable recovery due to various events, including investments from the U.S. government, Nvidia, and SoftBank, although its fundamentals still require improvement [2] - The stock is trading significantly above historical averages, with overall assessments indicating its fair value is close to the current price [2]